IVendi has invested more than £3m in a tracking tool, “event store” which will provide a full audit and log of consumer actions online.
The purpose of the end-to-end tracking is twofold – to ensure compliance and to learn more about the online car buying journey.
Where previously, dealers would be unable to get backdated reports, “event store” is capable of looking back through the history and backfill information.
IVendi’s chief executive James Tew (pictured) said: “For example, we will be able to show that a customer looking at online motor finance has watched our information videos on PCP and PCH before making a choice to go with the product of their choice.
“This kind of ability is crucial from the point of view of just about every regulatory body that affects the motor industry.
"The FCA is the one that will first spring to mind but it also has relevance to everything from GDPR to the recent ASA ruling.”
Tew said that iVendi’s strategy was to be market leading when it comes to compliance and he believes the tool is already paying dividends, while giving valuable feedback on customer behaviour.
"It allows us to report on cause and effect for the dealer, enabling us to answer questions such as, 'what was the result of introducing a new lender?' or 'did reducing the APR slightly increase finance penetration on that product?' or 'did activity increase when dropping the price of a vehicle?'
“As you can imagine, this information is very useful indeed.”